(KSPI) Joint Stock Kaspi.kz - Ratings and Ratios

Kaspi.kz is a leading technology company in Kazakhstan, operating at the intersection of payments, marketplace, and fintech solutions. With a market capitalization of over $20 billion, it serves as a critical infrastructure provider in a region with significant growth potential. The company is structured into three main segments: Payments Platform, Marketplace Platform, and Fintech Platform.

The Payments Platform is the backbone of Kaspi.kz, enabling transactions between consumers and merchants. It supports online and in-store payments, invoice issuance, supplier payments, and peer-to-peer transfers. This segment also leverages proprietary data to provide insights that merchants can use for informed decision-making. The Marketplace Platform connects consumers with both online and offline merchants, enabling omni-channel sales strategies. It also offers m-commerce solutions, allowing consumers to shop seamlessly across platforms with free delivery. Kaspi Travel, part of this segment, facilitates bookings for flights, holidays, and rail tickets, further diversifying the companys revenue streams.

The Fintech Platform is a key growth driver, offering buy-now-pay-later (BNPL) services, consumer finance, and savings products. For merchants, it provides financing solutions through the Kaspi.kz Super App. The company also operates in banking, distressed asset management, real estate, and payment processing, making it a diversified financial services provider. Its expansion into adjacent businesses like online travel and data storage underscores its ambition to build a comprehensive ecosystem.

From a financial perspective, Kaspi.kz trades on the NASDAQ under the ticker KSPI, with a price-to-earnings ratio of 10.36 and a price-to-sales ratio of 0.01, indicating potential undervaluation relative to its revenue. However, the price-to-book ratio of 6.92 reflects market expectations for high growth. Incorporated in 2008 and headquartered in Almaty, Kazakhstan, the company has established itself as a dominant player in Central Asias digital economy.

For investors, Kaspi.kz represents a unique opportunity to gain exposure to Kazakhstans growing digital payments and fintech sector. Its diversified business model, extensive ecosystem, and strategic expansion into financial services position it well for long-term growth. However, investors should carefully evaluate the risks associated with operating in emerging markets, including regulatory changes and macroeconomic conditions.

Additional information about Kaspi.kz can be found on its investor relations website: